Central Bank of Egypt Announces Flotation of Egyptian Pound
The value of the Egyptian pound will be subject to market demands, rather than set at a fixed rate.
The Central Bank of Egypt has announced the floatation of the Egyptian pound. This means that the value of the Egyptian pound will be determined by market demands rather than set at a fixed rate.
The International Monetary Fund recently announced that it has resolved key issues with Egyptian authorities regarding its USD 3 billion loan programme. It plans on announcing the final financing package within weeks.
Egypt has recently received the first transfers of USD 35 billion in funds that were pledged to it by the United Arab Emirates after securing a deal to develop Ras El Hekma.
